Uber's fourth-quarter loss narrows to $1.1 billion

The company had previously reported third-quarter net loss of $1.46 billion on net revenue of $2 billion.

In his appearance, Khosrowshahi said Uber could quickly reverse its losses by retreating from less-developed markets outside the USA and reducing the money it pours into expensive projects like its work on self-driving cars.

Waymo and Uber last week announced a settlement in a blockbuster lawsuit over allegedly stolen trade secrets from the former Google self-driving vehicle project.

Net revenue grew to $2.22 billion from $1.38 billion in the same quarter-over-quarter comparison. Revenue during that stretched climbed about 14 percent to $11.1 billion from $9 billion. The CEO said that while he's somewhat uncomfortable running a money-losing business after joining from profit-generating Expedia Inc., it's the right strategy for Uber.

Despite a turbulent year for the ride-hailing company, sales were $7.5bn.

The ride-hailing firm ended 2017 with about $6 billion in cash, including $1.4 billion money set aside for potential insurance claims. That's 13% less than the previous year.

This is Khosrowshahi's first full quarter since becoming Uber's head.

Uber isn't yet a public company, so it isn't required to publicly disclose its finances.

At the same time, Uber is about to raise over 14 billion United States dollars in a new round of funding, while last month was completed a deal with the SoftBank, where the Japanese group acquired 17.5% of the technology company. Although he says he is pleased with the company's progress so far, Khosrowshahi cautioned that the San Francisco company still has a long way to go to win back the trust of its consumers and drivers. Former CEO Travis Kalanick was forced to step down in June amid a shareholder revolt that followed a series of scandals.

Mr Khosrowshahi began reigning in costs after he took over as Uber chief late previous year, replacing ousted co-founder Travis Kalanick.

A source familiar with the confidential deal said Uber agreed to a financial settlement giving the Alphabet unit 0.34 percent of Uber shares - which would be some $244 million based on Uber's valuation of $72 billion. The position has been empty for many years now.

Share

Related Articles

A transgender woman might be the first to successfully breastfeed her adopted newborn child following months of hormone therapy . American watchdog the Food and Drug Administration has raised concerns over its "unknown risks" to breastfeeding infants.

YouTube TV markets will include Lexington, Dayton, Honolulu, Richmond, Mobile and Syracuse in coming months. It's a clever scheme to get people in new markets to subscribe to YouTube TV as quickly as possible.

Giroud was handed his first starting appearance since his January arrival from Arsenal and created Eden Hazard's opening goal. Eden Hazard moves back into a wide position after playing the last two games in the central striker role.

Brady completed 28-of-48 passes for a Super Bowl record 505 yards, three scores and zero interceptions in the loss to the Eagles . And the number one feeling I have had the past 4 days is gratitude. "I can not understand what he's saying there".

That low-orbit position could deliver broadband speeds equal to current speeds from traditional providers, the company says. Satellite-powered internet is actually nothing new , but the plan from SpaceX promises to make it cheaper and far faster.

The Federal Reserve were hoping the inflation rate stayed above 2.0% and in the last few months that has been the case. The Retail Prices Index (RPI), a separate measure of inflation, edged lower to 4.0% last month from 4.1% in December.

Mrs Foster released a statement on Wednesday afternoon in which she called for the Westminster government to set a budget. Irish Prime Minister Leo Varadkar said he is "very hopeful" of an agreement being reached this week.

Health Secretary Tom Price resigned last September after an uproar over his use of private charter planes for government business. The report "cast the VA, the secretary and others identified in the report in the least favorable light", Bowman said.

Latest news

Rouhani To Offer Friday Prayers in Hyderabad
India-Iran bilateral trade stood at $12.89 billion in 2016-17, according to figures provided by the External Affairs Ministry. Previously in an exclusive interview with BW Businessworld, Afghanistan's Ambassador to India, Dr.

Trump outlines $4.4 trillion 2019 budget
It dangles all the tasty items conservatives like without the austerity they've claimed as one of their guiding principles. With customary modesty, the White House calls it "the most comprehensive infrastructure bill in our Nation's history".

Kanye West returns to Instagram with freaky Valentines posts
While many couples featured have broken up, Kanye did call out a few duos that are still going strong - aside from him and Kim. Seemingly to share his Valentine's greeting to other famous couples, he uploaded classic photos of power pairs in the biz.

Japan Q4 GDP rises annualised 0.5pc on consumer spending
On a quarter-on-quarter basis, GDP rose 0.1 per cent, slightly less than the median estimate for a 0.2 per cent increase. This means the economy expanded for an 8th straight quarter, which is the longest growth period in almost 3 decades.

The Evil Within 2 gets free, first-person update
As a celebration to this, Bethesda has published a trailer which showcases some scenes from the actual game, but in first-person. According to the interview, some cheeky fans may have forced Bethesda and Tango Gameworks' hands to release a first-person mode.